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IIA IIA-CIA-Part3 Exam Overview:

Certification Vendor:	IIA (The Institute of Internal Auditors)
Exam Name:	Internal Audit Function
Exam Number:	IIA-CIA-Part3
Related Certifications:	CIA Part 2 - Practice of Internal Auditing CIA Part 1 - Essentials of Internal Auditing
Exam Format:	Multiple-choice questions, Computer-based testing
Available Languages:	German, Chinese (Simplified), Russian, Portuguese, Spanish, French, English, Japanese, Italian, Korean
Passing Score:	600 (scaled score, range 250–750)
Certificate Validity Period:	3 years from completion of all parts
Exam Duration:	120 minutes
Real Exam Qty:	100
Exam Price:	USD 380 (member) / USD 495 (non-member)
Recommended Training:	IIA Official Study Materials IIA Learning Resources
Exam Registration:	IIA Official Registration Pearson VUE Scheduling
Sample Questions:	IIA IIA-CIA-Part3 Sample Questions
Exam Way:	Computer-based; available at Pearson VUE test centers worldwide; online proctored option available in select regions
Pre Condition:	Meet CIA eligibility: bachelor's degree or equivalent, character reference, professional experience (varies by education level); complete CIA application and pay application fee
Official Syllabus URL:	https://www.theiia.org/en/certifications/cia/exam-prep-resources/exam-syllabus/exam-syllabus-part-3/

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IIA-CIA-Part3 Exam is a comprehensive test that covers a wide range of topics. It consists of 100 multiple-choice questions that candidates must complete within two and a half hours. IIA-CIA-Part3 exam is divided into two parts, with the first part focusing on the core concepts of internal auditing, while the second part deals with business-related topics. The IIA-CIA-Part3 Exam is a challenging test that requires a thorough understanding of the internal audit process and business operations.

IIA Internal Audit Function Sample Questions (Q695-Q700):

NEW QUESTION # 695
A clothing company sells shirts for $8 per shirt. In order to break even, the company must sell 25.000 shirts.
Actual sales total S300.000. What is margin of safety sales for the company?

A. $100.000
B. $200,000
C. $500,000
D. $275,000

Answer: A

NEW QUESTION # 696
Which of the following inventory items would be the most frequently reviewed in an ABC inventory control system?

A. Expensive, frequently used, high stock-out cost items with short lead times.
B. Expensive, frequently used, low stock-out cost items with long lead times.
C. Inexpensive, frequently used, high stock-out cost items with long lead times.
D. Expensive, frequently used, high stock-out cost items with long lead times.

Answer: D

Explanation:
The ABC system is a method for controlling inventories that divides inventory items into three groups: Group A -- high-monetary value items, which account for a small portion perhaps 10%) of the total inventory usage Group B -- medium-monetary value items, which may account for about 20°10 of the total inventory items
Group C -- low-monetary value items, which account for the remaining 70% of sales or usage The ABC system permits the proper degree of managerial control to be identified and exercised over each group. Group A items are reviewed on a regular basis. Group B items may not have to be revered as often as group A items, but more often than group C items. For group C, extensive use of models and records is not cost effective. It is cheaper to order large quantities infrequently. The ABC method therefore reduces the safety-stock investment because high-value items are frequently monitored and medium-value items are monitored more often than inexpensive items. Frequent review can prevent stockouts and decrease inventory levels, and the cost of such review is minimized if it is limited to high- or mediumvalue items.

NEW QUESTION # 697
When auditing databases, which of the following risks would an Internal auditor keep In mind In relation to database administrators?

A. The risk that database administrators set up personalized accounts for themselves, making the audit time consuming.
B. The risk that database administrators will disagree with temporarily preventing user access to the database for auditing purposes.
C. The risk that database administrators could make hidden changes using privileged access.
D. The risk that database administrators do not receive new patches from vendors that support database software in a timely fashion.

Answer: C

Explanation:
Database administrators (DBAs) have privileged access, meaning they can make unauthorized or hidden changes to data, database structures, and security settings without detection. This presents a high risk of fraud, data manipulation, and security breaches.
A). The risk that database administrators will disagree with temporarily preventing user access to the database for auditing purposes. (Incorrect) While resistance from DBAs during an audit can be a challenge, it is not a significant risk compared to the ability to manipulate data unnoticed.
B). The risk that database administrators do not receive new patches from vendors that support database software in a timely fashion. (Incorrect) Patch management is a security concern but does not directly relate to the unique risk of DBAs abusing privileged access.
C). The risk that database administrators set up personalized accounts for themselves, making the audit time- consuming. (Incorrect) While personal accounts can complicate audits, the greater risk is that DBAs can make changes without detection.
IIA GTAG 4 - Management of IT Auditing emphasizes the need for controls over privileged access to prevent unauthorized database modifications.
IIA Standard 2110 - Governance requires internal auditors to assess risks related to IT governance and privileged access management.
IIA GTAG 8 - Auditing Application Controls highlights that auditors must review DBA activity logs and ensure segregation of duties.
Explanation of Answer Choices:IIA References:Thus, the correct answer is D. The risk that database administrators could make hidden changes using privileged access.

NEW QUESTION # 698
Which of the following is true of bond financing, compared to common stock, when alJ other variables are equal?

A. Lower shareholder control
B. Higher overall company earnings
C. lower indebtedness
D. Higher company earnings per share.

Answer: D

NEW QUESTION # 699
Which of the following statements about COBIT is not true?

A. Management needs to determine the cost-benefit ratio of adopting COBIT control objectives.
B. COBIT provides management with the capability to conduct self-assessments against industry best practices.
C. COBIT control objectives are specific to various IT platforms and help determine minimum controls.
D. COBIT helps management understand and manage the risks associated with information technology (IT) processes.

Answer: C

NEW QUESTION # 700
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